ZENTEREST has recently been added to MANTRA DAO’s fast-growing line of DeFi protocols
We have seen decentralized finance grow exponentially in recent months and the TVL (total value locked) in DeFi protocols is now in an overwhelming fashion $ 24 billion. One of the projects that has contributed to the explosive growth of the sector in recent months is MANTRA DAO, a community-run and decentralized DeFi platform that offers its users a wide range of services including staking, lending, stablecoins, derivatives, governance, exchanges and custody.
After are successful token launch, MANTRA DAO continued to make noise in space throughout December, announcing a flurry of partnerships with bands like BAND, LUNA and KAVA added to the list. As well as join forces with some of the most exciting projects in DeFi, MANTRA DAO also began to announce the rollout of several DeFi products on its platform, including soft board, which allows the MANTRA DAO community to vote and propose changes to various aspects of the ecosystem.
In December, the project reached a particularly remarkable milestone, with more than 100 million OM tokens are deployed native on the MANTRA DAO stakeout platform, as it was revealed only 2 months earlier. The community was rewarded for being integral to the success of the project with the opportunity to own one of 88 rare MANTRA DAO NFTs on sale NFT platform Rare. The event was sold out within 30 minutes and the proceeds from the sale went back to the community.
One of the most exciting features announced by MANTRA DAO in recent weeks was their decentralized lending protocol ZENTEREST, which is an over-collateralising money market lending protocol that allows users of the platform to provide, borrow and use their crypto assets as collateral.
Launched in late December 2020, the beta version of ZENTEREST is a split of both Compound Finance and Cream.finance, two well-designed and successful loan protocols that have become popular in the DeFi space. While the best of both protocols is used, ZENTEREST will have its own unique set of listed assets which can be used for borrowing, lending or the two combined. Various assets including the MANTRA DAO native OM token, ETH, wBTC, LINK, COMP, USDC, DAI, SNX, UNI, SUSHI, AAVE, LINK, YFI, 1INCH and other smaller upcoming projects such as POLS, DSD, BONDLY, RSR, ROYA, etc. are available to users.
This is the first of several lending products scheduled to become available on the MANTRA DAO platform, with the second taking shape as its own multi-asset CDP / stablecoin. KARMA protocol, a decentralized credit rating system will be the third, and these products are ready for release in Q1 and Q2 this year, respectively.
MANTRA DAO was developed to leverage the “knowledge and wisdom of the masses” and is currently part of the Parity Substrate Builders Program. , Matic, ATOM and most recent e-money, a platform that offers currency-backed stable coins with collateral.
MANTRA DAO has so far successfully delivered on the promises outlined on a long roadmap; the launch of credit products is another victory for the platform’s already thriving community. With DeFi’s future looking more promising than ever, MANTRA DAO is becoming one of the industry’s success stories on the road to reliable, inclusive and globally accessible financial products.